1. The Company adopted and retrospectively applied new guidance that changed the types and amount of costs that may be deferred. This had a de minimis effect on net income, operating income and income per share for third quarter 2011.

2. Income (loss) per diluted share is calculated by dividing income (loss) by diluted shares outstanding, which excludes the effects of securities that would be antidilutive.

New Business Production

 

Table 2: Present Value of New Business Production (“PVP”) (1) and Gross Par Written

(amounts in millions)
 
Quarter Ended September 30,
2012 2011
 
Public finance U.S. - Direct $ 30 $ 40
Structured finance - U.S. 5   11
Total PVP $ 35   $ 51
 
Public finance U.S. - Direct $ 3,007 $ 4,342
Structured finance - U.S. 182   266
Gross par written $ 3,189   $ 4,608

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